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Saving For a Space Ship

Barclays customers can now 'switch off' spending

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Barclays customers can now 'switch off' spending

https://www.bbc.co.uk/news/business-46512030

Quote

..The idea is to help vulnerable customers, particularly problem gamblers, or those in serious debt.

However, all account holders can now block their own spending in a number of categories, including supermarkets, restaurants, pubs and petrol stations.

It follows pressure from charities and money experts such as Martin Lewis...

......

Do other banks do the same thing?

While Barclays is the first major bank to operate this scheme, other online banks already offer similar blockers.

The mobile bank Starling allows customers to block spending on gambling sites, or - unlike the Barclays tool - with specific retailers.

Monzo, which introduced a similar tool in June, has reported a 70% decline in spending on gambling as a result.

The idea has also been welcomed by some charities, as well as the Money Advice Trust.

"I believe it will make a real difference to people's lives and I hope the other banks will follow suit," said Martin Lewis, the founder of MoneySavingExpert.

 

Edited by Saving For a Space Ship

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Petrol stations and restaurants - two places where you've already taken the goods without being able to return them, then you remember your card won't work there. That's going to end well (and in any case who goes off to spend money in petrol stations if they don't need to?)

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Most of the categories are pretty understandable, but petrol...?  Do they think people have a sniffing habit that's costing them too much for all the litres they snort?

All in all though, a good move.  I'm sure the government will take prompt action against them though for this reckless discouraging of wild consumption.  If everyone did as Martin Lewis suggests there'd be no economy left, we need people to spend money on crap as it's all our country has left.

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23 hours ago, Riedquat said:

Petrol stations and restaurants - two places where you've already taken the goods without being able to return them, then you remember your card won't work there. That's going to end well (and in any case who goes off to spend money in petrol stations if they don't need to?)

Alot of petrol stations in/near the estates are 24 hour convenience stores with alcohol, scratch cards and tobacco being main sellers.

Not just being a higher price some people will use them at any hour to feed their addiction. 

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Thought there would be more resistance here: this is an early example of the demise of cash enabling external influences to be able to encourage people to spend their money in the 'right' way.

Edited by btd1981

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  • 293 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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